Newport set to diversify away from banks
0Newport City Council is planning to diversify its treasury investments into safer and higher yielding assets.
All of the authority’s surplus cash is currently invested in short-term unsecured bank deposits and loans to other local authorities.
The council’s treasury management strategy for next year says: “Given the increasing risk and very low returns from short-term unsecured bank investments, the authority aims to diversify into more secure and/or higher yielding asset classes during 2019/20.
“This is especially the case for the estimated £10m that is available for longer-term investment.”
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